Integrated financial Results along with Auditors Report , Cash Flow Statements etc for the Financial year ended 31 03 2025.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
India Steel Works Limited reported deeply distressed FY25 results with revenue from operations collapsing to just Rs. 0.75 lakh versus Rs. 81.60 lakh in FY24, a near-total wipeout of business. The company posted a net loss of Rs. 1,339.35 lakhs (wider than Rs. 1,162.47 lakhs loss in FY24) on total expenses of Rs. 1,678.03 lakhs, including exceptional items of Rs. 225.93 lakhs related to Kotak Mahindra Bank settlement and interest provisions. The statutory auditor, Laxmikant Kabra & Co LLP, issued an Adverse Opinion, flagging that operations have ceased, Kotak Mahindra Bank has taken possession of the Khopoli factory, the SAP accounting system was inaccessible, inventory of Rs. 13,534.32 lakhs may only fetch scrap value, and related-party disclosures under Ind AS 24 were incomplete. The auditor also raised a Going Concern doubt, noting current liabilities exceed current assets and the company cannot discharge its liabilities. Outstanding defaults of Rs. 48.53 lakhs on bank loans and Rs. 64.19 lakhs on unlisted debt securities were disclosed.
This is a severely negative filing. The adverse audit opinion, going-concern doubt, factory takeover by Kotak Mahindra, near-zero revenue, and mounting losses signal that the company is effectively non-operational and its reported net worth of Rs. 2,637.22 lakhs is likely overstated. Shareholders face a high risk of significant value erosion, and the stock is likely to remain under severe pressure.